Driven by higher gold prices as well as production, Newmont's reported second-quarter adjusted EPS from continuing operations of $0.44, which topped Argus estimate of $0.17 and the consensus forecast of $0.28. Revenue of $2.038 billion rose 7 percent from $1.908 billion a year earlier.
Analyst Bill Selesky raised his 2016 EPS estimate to $1.56 from $0.94, while the current consensus estimate is $1.60. Selesky also increased his 2017 EPS forecast to $1.77 from $1.43, with consensus being $1.85.
Colorado-based Newmont now anticipates 2016 gold production of 4.7–5.0 million ounces (down from a prior 4.8-5.3 million ounces) at an AISC of $870–$930 per ounce (down from $900–$960 per ounce). In 2016, the analyst expects gold to trade in a range of $945–$1,417 per ounce.
Copper production is now projected to be 40,000–60,000 tons (down from a prior estimate of 120,000-160,000 tons) at an AISC of $2.20–$2.40 per pound (up from a prior $1.50–$1.70).
Newmont shares trade at 26.1-times Argus' 2016 EPS estimate and 23.0-times 2017 estimate, compared to a wide 21-year historical average range of 31-79.
At time of writing, shares of Newmont were up 1.09 percent on the day, trading at $42.58.
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